# Namib Minerals Signs Nonbinding $30 Million Term Sheet for Redwing Mine

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/39347
Published: 2026-10-23T21:33:19.000Z
Updated: 2026-10-23T21:33:19.000Z
Section: Business

> The proposed 36-month Ecobank facility would support drilling and bankability work, subject to final documents and customary conditions.

Namib subsidiary Bulawayo Mining Company (Private) Limited signed a nonbinding proposal with Ecobank Zimbabwe Limited for a potential 36-month, $30 million facility. The named borrower would use the financing for resource-definition and bankability work at Redwing Mine in Zimbabwe.

The proposed facility would run for 36 months, and Namib described it as non-dilutive. The borrower is Bulawayo Mining Company (Private) Limited, a Namib subsidiary. The proposal remains subject to customary conditions and definitive documentation. Namib disclosed no interest rate, collateral or repayment schedule.

Proposed uses include hoist-related expenditures, milling-plant expansion and maintenance, drilling equipment, mine development and additional exploration drilling intended to expand Redwing’s resource base.

If the Ecobank facility is completed on its proposed terms and customary conditions are met, Namib expects it, together with funding already allocated to Step 3, to cover the program’s current scope and budget. BancABC’s $6.5 million term loan facility had partly funded Step 3.

The work includes an 8,750-meter surface drilling program and related activities, with completion targeted for the fourth quarter of 2027. Namib’s July plan placed resource-definition and bankability work before construction in a five-step Redwing pathway.

After a definitive feasibility study, Ecobank and Ecobank Group could help arrange and underwrite financing for construction. That possibility remains subject to additional conditions, and its size and final terms were not specified.

“Our focus is on delivering this programme and establishing the basis for a disciplined construction decision,” Namib Minerals Chief Financial Officer Sphe Mchunu said.

The proposed loan is separate from the mine’s initial restart program, which began in October and is funded with internally generated cash flow. Namib has targeted first gold by January 2027 at the latest.